WINNIPEG, MB, Feb. 28, 2022 /CNW/ – Lanesborough Real Estate Investment Trust (“LREIT“) (TSXV: LRT.UN) announces today that it has completed the previously announced exchange of $24,810,000 principal amount of outstanding 5.00% Series G redeemable subordinated secured debentures due June 30, 2022 (the “Debentures“), representing all of the issued and outstanding Debentures, and $8,185,015, representing all the accrued or unpaid interest owing thereon from and including January 1, 2016 to but not including February 24, 2022, for 659,916,300 trust units in the capital of LREIT (the “Trust Units“) at a deemed price of $0.05 per Trust Unit (collectively, the “Exchange Transaction“).
LREIT has applied to the TSXV for approval of the listing of the Trust Units to be issued as a result of the Exchange Transaction. The listing is subject to LREIT satisfying all of the requirements of the TSXV. The Trust Units will continue to trade on the TSXV under the symbol “LRT.UN”. LREIT has also applied to have the Debentures delisted.
ABOUT LREIT
LREIT is a real estate investment trust, which is listed on the TSX Venture Exchange under the symbols LRT.UN (Trust Units) and LRT.DB.G (Series G Debentures). For further information on LREIT, please visit our website at www.lreit.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain statements contained in this press release are “forward-looking statements” that reflect the expectations of management regarding the Exchange Transaction. Readers are cautioned not to place undue reliance on forward-looking information. All statements other than statements of historical fact contained herein are forward-looking statements. Forward looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe” and similar expressions. Such forward-looking statements reflect management’s current beliefs and are based on information currently available to management. Forward looking statements involve significant risks and uncertainties. A number of factors that could cause actual results to differ materially from the results discussed in forward-looking statements are discussed in LREIT’s management discussion and analysis for the six-month period ended June 30, 2021 available on SEDAR at www.sedar.com. Although the forward-looking statements contained herein are based upon what management believes to be reasonable assumptions, LREIT cannot assure investors that actual results will be consistent with these forward-looking statements.
The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. Forward-looking statements are made as of the date hereof, or such other date specified in such statements, and neither LREIT nor any other person assumes any obligation to update or revise such forward-looking statements to reflect new information, events or circumstances, except as expressly required by applicable securities law.
SOURCE Lanesborough Real Estate Investment Trust
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